By Greg Williams
The Puerto Rico Financial Oversight and Management Board holds its third meeting at the El Conquistador Resort, Fajardo, Puerto Rico. This is the first time the "control" Board meets on the island. The board will discuss Puerto Rico Governor Alejandro Garcia Padilla's recently released fiscal plan. The board has the authority to approve or reject the Governor's plan, which calls for government reform, infrastructure investment and minimal cuts to social services. Congress created the board as part of legislation passed in June to address Puerto Rico's ongoing debt and fiscal crisis.
LeCompte urged the board to pursue comprehensive debt restructuring to combat poverty, grow the economy and protect the island's investors. He noted that Puerto Rico's economy is vulnerable to external shocks and urged the board to support a "Hurricane Clause" to temporarily halt debt payments in the event of unforeseen crisis. LeCompte further recommended the board consider new bonds linked to economic growth on the island.
Jubilee USA's director closed his comments by reading a statement from Monsignor Roberto González Nieves, Archbishop of San Juan de Puerto Rico and Reverend Heriberto Martínez, General Secretary of Puerto Rico’s Bible Society. These religious leaders are at the forefront of defending vulnerable communities as the crisis continues to unfold.
Watch a video of the address